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Save more and Be Rich. Here are the some tips.
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STRATEGIES FOR SAVING MONEYPRESENTED BY: NARENDRA PRATAP
• Saving money is an art all of us would
like to learn, but few succeed. Money
saved is like money earned. It is not
enough if one earns a lot of money.
What is more important is to save the
money earned. The level of savings
determines your level of financial
soundness. Although all of us like to
increase our savings, it is seen that this
is increasingly difficult, especially in
today’s fast paced world.
• Saving money is an art all of us would like to learn, but few
succeed. Money saved is like money earned. It is not enough if
one earns a lot of money. What is more important is to save the
money earned. The level of savings determines your level of
financial soundness. Although all of us like to increase our
savings, it is seen that this is increasingly difficult, especially in
today’s fast paced world.
HERE ARE SOME STRATEGIES FOR SAVING MONEY
SAVINGS AT HOME:
• When at home, you can save on your utility bills and other
essential expenses. Reduce your electricity bill by switching off
unused devices, using power saving equipments and LED lights
and by turning off lights, fans and air conditioners in
unoccupied rooms.
• In your kitchen, you can save money by using smart methods of
cooking like cooking with the lid on.
• Use solar powered equipments in your house, if this is possible.
• When it comes to your mobile and internet bills, you should
check your current plan and evaluate if you actually need an
expensive plan.
SHOP DURING DISCOUNT SEASON:
• Shopping is a substantial expense item in most
families.
• A good way to reduce shopping bills and
increase savings is to shop when there are
discounts.
• This is applicable for purchase of big ticket
items, clothes or footwear.
• Shopping for essentials should be done with
proper planning.
• Prepare a list beforehand, so that you are not
tempted to buy anything and everything.
• This not only ensures that you buy only what you
need, but is also helpful in controlling expenses.
SAVINGS WHILE TRAVELLING:• Being money wise when travelling is another
way to increase savings. Nowadays, most
families go on annual holidays. This is when you
incur maximum expenses. This can be avoided
if you look for deals, offers and package
discounts when you travel.
• This works out to be cheaper, especially if you
want to holiday in a foreign location.
• Planning in advance also ensures you get hotel
and flight bookings at a cheaper price. You can
choose off season destinations or budget
destinations, as this will also mean increasing
your savings.
• If you plan to travel by flight, make sure you
travel light, as you will otherwise be paying for
excess baggage.
SAVE ON FUEL COSTS:
• Almost all households have a car or a two
wheeler. Sometimes, it is two vehicles in the
same household. Therefore fuel costs play an
important part of your monthly expenses.
• You can save on fuel costs by following some
simple tips.
• Avoiding driving at high speed or tailgating can
help you save fuel.
• Similarly, turning off the air conditioner in your
car whenever possible can also reduce petrol
bills.
• Turn off the engine when you are stuck at a
signal or traffic jam for too long.
• You can also consider Compressed Natural Gas
as an option for your vehicle to reduce fuel
costs.
LOOK AT DEALS AND OFFERS WHEN YOU SHOP ONLINE:
• Shopping online has become extremely
popular in recent times.
• Most websites offer you products at a
price cheaper than what it is available
for at retail stores. You should
definitely make use of this to reduce
your shopping bills.
• Many portals also offer deals and offers
from time to time. Although you should
not be carried away by such offers,
planning your shopping around this
time can definitely help in boosting
savings.
For More Financial Related Updates, Keep Visiting: https://www.facebook.com/pages/Financial-Advise/729388680454486